..my read is that the bond market does not like the uncertainty associated with the 90 days, so from the bond market point of view, the uncertainty got more protracted. If Bessent had announced that the deal struck is a permanent 30pc tariff on China, then that would be resolution.
..so notice how disconnected the equity market is from the bond market.
..but the bond market knows best, while the equity market is littered with largely novice gamblers (yes, they can be right in the short term because of momentum trade in overdrive).
..a driver high on drugs can prove to be able to drive faster than a sober person but we know where that ends.
